Cision Distribution 888-776-0942 A report issued this month by Earthjustice and the Environmental Integrity Project said 91% of U.S. coal-fired plants have ash landfills or waste ponds that are leaking arsenic, lead, mercury and other metals into groundwater at dangerous levels, often threatening streams, rivers and drinking water aquifers. Gavin is equipped with a suite of air quality controls. The Indiana Utility Regulatory Commission on Jan. 4 approved an Oct. 12, 2016, application from AEP Generating Co., Lightstone Generation and Lawrenceburg Power for AEG's sale of a gas-fired power generating facility in Lawrenceburg, Indiana, to Lightstone Generation and Lawrenceburg Power.. 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Biden has named Richard Glick, a Democrat, as the new chairman of the Federal Energy Regulatory Commission. COLUMBUS, Ohio, Jan. 30, 2017 /PRNewswire/ --American Electric Power (NYSE: AEP) today completed the sale of four competitive power plants to Lightstone Generation LLC, a joint venture of Blackstone (NYSE: BX) and an affiliate of ArcLight Capital Partners LLC (ArcLight), for approximately $2.1 billion. Find company research, competitor information, contact details & financial data for Lightstone Generation LLC of Lawrenceburg, IN. Im confident, in the next couple of years, FERC will order changes, said Ari Peskoe, director of the Electricity Law Initiative at Harvard Law School. GE Power was selected as the turbine supplier for the Gas fired project. Analysts and economists expect Bidens administration to crack down on rules that prolong the lifespan of dirty coal plants as part of sweeping measures to fight climate change. [2] The plant was named in honor of James Maurice "Jumpin' Jim" Gavin, the third Commanding General (CG) of the 82nd Airborne Division during World War II. Existing coal plants in Europe. The Gallia County Economic Development Office is here to assist your company with its next business expansion including site and building selection, grant and tax incentives, labor force statistics, and other community information. Compare pay for popular roles and read about the team's work-life balance. The primary fuel being used to power the plant is natural gas. From 2018 to 2020, Lightstones power plant operations produced about $1.1 billion in operating profit, according to estimates from Moodys Investors Service. Customer Service. Private equity activity related to environmental sustainability decreased by 7% in the power industry in Q3 2022, Whos innovating where? Description. It can pollute waterways, poison wildlife and cause respiratory illness among those living near massive ponds where the waste is stored. Sabatelle Associate Managing Director Project Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. It is owned by Lightstone Generation LLC, a 5050 joint venture of The Blackstone Group L.P. and ArcLight Capital Partners. The order to the Gen. James Gavin Power Plant in southern Ohio marks the first time the EPA has formally denied a utilitys request to continue disposing toxic coal ash after a deadline to stop such disposal has passed. AEP owns the nation's largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. . Its really that simple.. You will be notified in advance of any changes in rate or terms. It is a Gas Turbine power plant that is used for Peakload. Lightstone Generation, LLC, Waterford Energy Facility is located in Waterford, OH and is a supplier of Electric Utility Services. Cheshire, OH. If the business does well, the debt gets paid off at a premium. Gavin is the largest coal-fired power facility in Ohio,[1] and one of the largest in the US, capable of powering two million homes. Lightstone Generation has acquired four power plants, with combined capacity of approximately 5,200MW, from US based utility American Electric Power (AEP) for approximately $2.17bn. The power plant run on dual-fuel. General Manager - Gavin Power Lightstone Generation Jun 2018 - Aug 2022 . Our employees here at the Gavin Power Plant, have strong roots in the area and are proud to give freely of their time and talents to support Gallia Countys continued growth and prosperity. $75,000 - $85,000 a year. 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Meanwhile, mutual funds that invested in Lightstones debt are receiving payments pegged to a floating interest rate that has ranged from 4% to 6% - far higher than about 1.4% on the U.S. benchmark 10-year yield. Lightstone Generation LLC, a power company that operates one of the largest coal-fired electricity plants in the U.S., is preparing to ask lenders to let the struggling company push off an upcoming debt repayment, people familiar with the matter said. Lightstone Generation is a joint venture between private-equity firms Blackstone and ArcLight Capital Partners. KKR declined to comment. Photo: courtesy of Tysto/Wikipedia. Find out what works well at Lightstone Generation, Gavin Plant from the people who know best. . Of particular concern for such extension is the current financing environment for projects that include coal-fired generators as ESG considerations continue to factor into investor decisions.Balancing against these considerations are the benefits that Lightstone enjoys as a portfolio that includes three natural-gas fired plants and the natural hedge that follows, where recent financial results have been aided somewhat by the natural gas plants running more often providing incremental cash flow as well as the portfolio's strong operating performance and continuing maintenance program. PO Box 271 Cheshire OH 45620. Lightstone also currently benefits from a relatively strong liquidity profile, which currently stands at about $180 million, composed of $100 million under the revolver (all of which is currently available), plus $54 million in the required 6-month debt service reserve (DSR), which is covered by the $100 million TLC that expires in January 2024, plus $26 million in unrestricted cash. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. All power projects included in this report are drawn from GlobalDatas Power Intelligence Center. Ohio Lumex. The company was formed as a joint venture of The Blackstone Group and ArcLight Capital Partners. $1,773 million outstanding as of 9/30/20), a $100 million term loan C for cash collateralized letters of credit due in 2024, and a $100 million revolving credit facility due in 2022. The power plant is connected to the electric transmission grid by 765-kilovolt transmission lines. -, Emerson makes $7.6 billion offer for NI Corp public after rebuffed approaches, UK PM Sunak meets Blackstone's Schwarzman in Downing Street, Barclays Adjusts Price Target on Blackstone to $86 From $80, Maintains Equalweight Rating. Some power companies are illegally manipulating data and monitoring systems to avoid cleanup requirements and have proposed inadequate cleanup strategies that will not restore groundwater quality, the report said. TEi condensers represent an evolution of advanced technology, offering improved thermal efficiency and advanced mechanical design to reduce forced outages and increase availability. $ + tax The action is intended to ensure that local water resources are safe while protecting the public health and ensuring a reliable electricity supply, Regan said. Rating Action: Moody's downgrades Lightstone Generation to B1 from Ba3; rating outlook remains negativeGlobal Credit Research - 25 Feb 2021Approximately $1,973 million of debt affectedNew York . . FERC did not respond to requests for comment, and the White House declined to comment. Due to this change if you are seeing this message for the first time please make sure you reset your password using the Forgot your password Link. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 2021 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). Lightstone Generation has acquired four power plants, with combined capacity of approximately 5,200MW, from US based utility American Electric Power (AEP) for approximately $2.17bn. It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group L.P. and ArcLight Capital. Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. It is a combined cycle gas turbine (ccgt) power plant. The power plant run on dual-fuel. In addition, power prices and generation could strengthen when COVID-19 related regional lock-down measures subside. The other three plants are natural gas-fired: the 1,211 MW Lawrenceburg combined-cycle facility in Indiana; the 894 MW Waterford combined-cycle facility in Ohio; and the 484 MW Darby peaking plant also in Ohio. It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. By continuing to access this document from within Australia, you represent to MOODYS that you are, or are accessing the document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to retail clients within the meaning of section 761G of the Corporations Act 2001. The information regarding the project parameters is sourced through secondary information sources such as electric utilities, equipment manufacturers, developers, project proponents news, deals and financial reporting, regulatory body, associations, government planning reports and publications. Lightstone Generation LLC, a power company that operates one of the largest coal-fired electricity plants in the U.S., is preparing to ask lenders to let the struggling company push off an . BOSTON (Reuters) - Private equity firms are proving theres still plenty of profit in the U.S. coal industry despite a decade of falling demand for the fossil fuel. Investment giant Blackstone Group is making a big bet on the Texas power market. As part of the effort, batteries are being deployed for a wide range of uses. It is a Gas Turbine power plant that is used for Peakload. We believe access to energy-related infrastructure is critical to . But President Joe Biden, a Democrat, is likely to change those policies in the coming years as part of an effort to slash nearly all of the U.S. power sectors reliance on fossil fuels by 2035. SIC Codes SIC Code . Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Although AEP no longer owns the Gavin plant - it sold it in 2017 to Lightstone Generation, a private equity firm, along with three gas-fired power plants as part of a $2.1bn (1.5bn) deal . All rights reserved. Gen. James M. gavin plant in a package of three gas-fired power in. The private equity owners of Ohios Gavin Power Plant in the PJM grid, for example, have squeezed hundreds of millions of dollars out of the facility since buying it four years ago, even though it only runs about 60% of the time. The price of the acquisition was about . View Highlights of The Lightstone Story Below. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. MOODYS ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. 8:44 PM on Dec 18, 2013 CST. Lightstone's EBITDA for the twelve months ended 9/30/20 measured $234.1 million, which was well below fiscal year 2019 results of $361.9 million and below Moody's expectations for full year 2020 of $349.0 million under our original base case forecast. EPA said Friday that its decision recognizes the importance of maintaining grid reliability. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. Gavin is the largest coal-fired power facility in Ohio. [3], The power plant has been using unlined pits to store its fly ash, which could contaminate groundwater. Lightstone Generation LLC, a power company that operates one of the largest coal-fired electricity plants in the U.S., is preparing to ask lenders to let the struggling company push off an . MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. On the Ground, Its More Complicated. . Lawrenceburg power station is a 1232-megawatt (MW) natural gas power station in the state of Indiana, . You may change your billing preferences at any time in the Customer Center or call Copyright 2023 Surperformance. The exception is solar power plants, which use photovoltaic . 582 W. Eads Pky. Other private equity firms have also been betting on coal power capacity payments. Visit Website. The facility's owners applied for a permit from the United States Environmental Protection Agency (EPA) to continue operating and using the unlined pits. ArcLight did not respond to requests for comment. About $1.7 billion in the companys debt comes due in 2024. 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